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Bourbon Corporation News

23 Dec 2019

Bourbon Assets Taken Over by Creditor Banks

File image of a Bourbon offshore support vessel underway. CREDIT: Bourbon

French marine services group Bourbon Corporation, which has been in a court restructuring process after its business was hit by volatile energy markets, said its assets would be taken over by its creditor banks.Bourbon said the Marseille commercial court had ruled that Bourbon's assets would be transferred to Société Phocéenne de Participations (SPP) from Jan. 2, 2020.SPP is owned by BNP Paribas, Caisse Régionale de Crédit Agricole Mutuel Alpes Provence, Caisse Régionale de Crédit Agricole Mutuel de Paris et d'Ile de France…

22 Nov 2019

Court Reviewing Bourbon Takeover Bids

(Photo: Bourbon)

Takeover offers for the assets and activities of French offshore services company Bourbon will be reviewed by the Marseilles Commercial Court next month, Bourbon said in a a company update.Four candidates have submitted an offer concerning assets and activities of BOURBON Corporation and/or BOURBON Maritime, Bourbon said.As part of the reorganization proceedings opened since August 7, 2019 to the benefit of the holding BOURBON Corporation and its sub-holding BOURBON Maritime,…

11 Nov 2019

Bourbon Commits 100+ Vessels to Fleet Xpress

(Photo: Bourbon)

Marine services firm Bourbon has signed a contract committing more than 100 offshore support vessels (OSVs) to Inmarsat’s Fleet Xpress, the maritime broadband service that combines the speed of Ka-band with continuous back up from Inmarsat’s FleetBroadband operating on L-band.The deal represents a breakthrough offshore contract for Fleet Xpress, which is already installed on some 7,000 vessels - mainly seagoing merchant ships, the company said.“This contract is substantial in…

09 Oct 2019

Bourbon Receives Takeover Offer

A bourbon offshore support vessel underway (File image: CREDIT Bourbon)

French marine services group Bourbon Corporation, which has been in a court restructuring process after its business was impacted by volatile energy markets, said it had received a takeover offer for its assets."As part of the reorganization proceedings opened since August 7, 2019 by the Marseilles Commercial Court to the benefit of Bourbon Corporation and its affiliate Bourbon Maritime, Court Administrators have received a takeover offer," Bourbon said in a statement on Wednesday."This offer - made by a company owned by a group of French banks - concerns assets and activities of Bourbon Corpo

19 Jun 2019

Bourbon BoD to Analyze Restructuring Proposals

File Image: CREDIT Bourbon

Following the submission of financial restructuring proposals subject to conditions precedent, the Board of Directors of BOURBON Corporation reviewed today the two proposals which are considered relevant to the interests of the group, its employees, its partners and its shareholders.In particular, the Board relied on the review done by an ad hoc committee of four Directors (two of whom are independent) entrusted since July 2018 with assessing the impact and salient points of each…

12 Sep 2018

Offshore Optimism is Cautiously on the Rise

file Image (CREDIT: Harvey Gulf)

Following the path of oil prices, consolidation also follows myriad financial crises. What happens next isn’t altogether clear, but the long, deep trough for offshore energy may finally be in our choppy wake.In mid 2017, financial turnaround and financial repairs specialist Alix Partners made a bold statement regarding the beleaguered Offshore Service Vessel (OSV) marketplace. In a July 2017 report, following an analysis of 44 participants in the business, the restructuring team wrote: “The industry faces grave financial pressure…

06 Aug 2018

Hochoa Takes Over as Bourbon CFO

Thierry Hochoa (Photo: BOURBON)

French offshore services provider Bourbon Corporation announced Thierry Hochoa has been appointed as Chief Financial Officer effective as of August 6. He reports directly to Gaël Bodénès, Chief Executive Officer of Bourbon Corporation.Hochoa replaces Astrid de Bréon who resigned from her position as Chief Financial Officer from July 11.A graduate of IAE Paris, ESCP Business School and also CPA, Hochoa began his career in 1994 as an external auditor at Arthur Andersen, then Ernst & Young (EY).

11 Jul 2018

Bourbon CFO Resigns

French offshore services provider Bourbon Corporation announced the resignation of Astrid de Bréon from her position as Chief Financial Officer from July 11. Since her arrival on the 1st of February, 2017, Astrid de Bréon has largely contributed to Bourbon's transformation and to the sustainable reorganization of the company’s financial debt. She will continue with her duties till her replacement and departure from the company. In another press release, Bourbon said that it has reached an agreement with the majority of its creditors to withhold payment of its loans and servicing of its debt. It added that aimed at protecting the group, this waiver allows it to stay focused on its operational priorities and on the implementation of its #BOURBONINMOTION strategic plan.

24 Apr 2018

Interview: Bourbon CEO Gael Bodénès

Bourbon Corporation CEO Gael Bodénès (Photo: Bourbon)

Bourbon Corporation CEO Gael Bodénès & his team plot a bold new course for this offshore industry stalwart.Your career with Bourbon has traversed many industry fluctuations. Looking back to when you joined the company, how is Bourbon today most the same, and most different?Bourbon has transformed from a small regional company to a world recognized leader in offshore marine services. It has seen its teams grow from a 3,000 to more than 8,000 employees of 88 nationalities, the fleet has grown to more than 500 units…

15 Mar 2018

Bourbon in Red Ink

French offshore vessel provider Bourbon Offshore recorded a bigger loss of EUR 576.3 million for 2017 in 2017 when compared to EUR 279.6 million for 2016 dragged down by lower revenues and vessel impairments amid a third year of cyclical downturn. "Bourbon s teams carried off a solid operating performance in 2017 thanks to their focus on security, cost control initiatives and the fleet's technical reliability. Performance in terms of free cash flow generation is equally sound in the crisis environment that has faced all oil & gas industry players for the past three years," said Gaël Bodénès, Chief Executive Officer of Bourbon Corporation.

13 Feb 2018

Dumping "Dumb" Ships

BOURBON Corporation, like nearly every other player in the offshore oil and gas sector, is scrambling for its very existance as the dynamics in finding and producing energy from subsea plays have changed dramatically with the 4 year long global energy slump. While offshore activities remain depressed, companies like Bourbon are accelerating its transformation to meet the needs of the new reality in the market. "As the market cycle has bottomed out, BOURBON must focus more than ever on operational excellence, fleet utilization rates, cost reduction program and free cash flow preservation. However, we need to go even further, because market overcapacity is driving prices down sustainably and we believe that tomorrow will look very different from yesterday.

12 Jan 2018

Bourbon, Bureau Veritas Partner on Digitalization

Bourbon Explorer 508 (Photo: Bourbon)

Under a new strategic partnership agreement, French offshore services firm Bourbon and testing, inspection and certification services provider Bureau Veritas will develop and deploy new digital technologies, including solutions for automation, real time fleet monitoring and mitigating cyber risks. For dynamic positioning systems in particular, the partnership will aim to deliver advanced automation of to enable real-time advisory tools for bridge operators and remote support for onshore teams…

31 May 2017

BOURBON, Kongsberg Partner on Digitalization

BOURBON and Kongsberg Maritime will execute joint projects under a new partnership agreement to develop new ways of efficient operations in the offshore services industry, with a focus on digital solutions for connected and autonomous vessels. The two companies have expanded their strategic partnership, signing a collaborative development agreement digitalization and autonomous vessel operation. The two companies will partner on projects to explore and implement technical and digital solutions to improve safety and optimize cost of operations, with a fast time-to market. Kongsberg will enable BOURBON to efficiently gain access to high quality aggregated data from the vessels and develop new ways of operating the vessels.

08 Mar 2017

BOURBON Reaches Deal to Reorganize Its Debt

File photo: Bourbon

French offshore vessel operator BOURBON said it has signed an agreement with its financial partners providing for the rescheduling of the maturities of a large part of its financial debt. Out of long- and medium-term debt totaling €692 million, €365 million of repayments due between 2016 and 2018 have been rescheduled and reduced to an amount of €63 million not repayable until 2018. The remainder of the debt, i.e. €629 million, will henceforth be repaid progressively between 2019 and 2025…

03 Aug 2016

Bourbon Feels the Pain of Low Oil

File photo: Bourbon

The impact of the oil market cycle reaching its bottom was felt in Bourbon in the first half of 2016, as the company announced first half 2016 adjusted revenues of €599.2 million, a 21 percent decline year on year and 11.7 percent reduction compared to 2H 2015. Bourbon believed that its large market share and young fleet were keys to keeping it stronger while others failed, but it appears that the market has caught up to the company too. -- In the segments Deep and Shallow water, Bourbon anticipates the bottom of the market in Q3 2016, due to the late cyclical nature of this business.